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Kotak Group Shield Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

The Kotak Group Shield is a life insurance plan that covers and provides benefits for not only death but critical illness, disability or terminal illness as well. The comprehensive plans have to be chosen according to the needs of an individual who wishes to get the insurance. Insurance premiums can be paid one time or annually, half-yearly, quarterly or monthly.

Eligibility Conditions for Kotak Group Shield

Plan Options

Easy Group Shield

Group Shield plus Disability Benefit Group Shield

Group Shield plus Disability Benefit Group Shield

Group Size

50 members

50 members

Age of Entry

Min: 15 years and Max: Single Premium: 73 years, Regular premium: 70 years

Min: 18 years and Max: Single Premium: 63 years, Regular premium: 60 years

Cover Cease Age

Maximum of up to 75 years

Maximum of upto 65 years

Cover Term

Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

Premium Payment Term

Full policy term for both single premium or Regular premium

 

Sum Assured

For Easy Group Shield Min : Rs. 5,000 and Max : No. Limit and For Group Shield Min : Rs.25,000/- Max : No. Limit

For Group Shield Plus Disability Benefit Min: Rs. 25,000 Max : No. Limit and For Group Shield Plus Critical Illness Min: Rs. 100,000 and Max : No. Limit

Features of Kotak group Shield

Plan Type

Group Credit Level Cover Insurance Plan

 

Basis

Floater

 

Policy Term

Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

Single Premium: Min: 2 years and Max: 30 years, Regular premium: Min: 5 years and Max: 30 years

Coverage

Kotak Group Shield provides protection not only in case of death of the insured but disability, Critical illness or terminal illness as well through various plans within this plan.

 
 

There are five options to choose from, that include:

Easy Group Shield

Group Shield

Group Shield Plus Disability Benefit

Group Shield Plus Critical Illness Benefit

Joint Life Option

 
 

Options

Benefit Given When

 

Easy Group Shield

Benefit On the first Death of any of the two lives

 

Group Shield

On Death or Terminal Illness (whichever occurs first) of any of the two lives.

 

Group Shield plus Disability Benefit

On Death or Terminal Illness or Accidental Permanent Disability (whichever occurs first) of any of the two lives.

 

Group Shield plus Critical Illness

On Death or Terminal Illness or Critical Illness (whichever occurs first) of any of the two lives.

     

Free look Period

15 days from the date of first premium reciept

 

Premium Paying Modes

Single Premium or Regular Premium

 

Benefits of Kotak Group Shield

  • Easy sign-up Process: The procedure to be followed for this insurance application is easy and hassle-free.
  • Protects The Insured From Liabilities of Loan: It is also equivalent to an initial loan amount. In case of an unfortunate event the sum assured is sufficient enough to pay off loan liabilities.
  • Various Coverage Areas Based on Various Needs: Coverage provided for death or terminal illness or critical illness or disability which are based on the option selected. In the case of occurrence of the covered event, the insured, his family or nominees.
  • Tax Benefits: Tax benefits can be availed under Section 80C and Section 10 (10D) of Income Tax Act, 1961.

How Kotak Group Shield Works

There are 5 basic plans to choose from which include:

  1. Easy Group Shield
  2. Group Shield
  3. Group Shield Plus Disability Benefit
  4. Group Shield Plus Critical Illness Benefit
  5. Joint Life Option

Each of these plans are based on their coverage area, which may include various aspects of the event for which the insured or their family member can reap the benefits. there are several exclusions under this category. You can check for the same in the terms and conditions section of the insurance brochure.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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